Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 0.145 | 0.018 | 0.182 |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 0.145 | 0.018 | 0.182 |
Mar Vista's U.S. Quality Premier strategy returned 1.80% net in Q4 2025, underperforming benchmarks as stock selection in technology detracted from performance. The portfolio benefited from strong performance in Alphabet, Mettler-Toledo, and Apple, while Oracle, Meta, and Microsoft were top detractors. The manager initiated positions in Taiwan Semiconductor and Netflix while exiting Equifax and Roper Technologies due to fundamental concerns. Looking ahead, the manager sees a delicate balance between supportive fundamentals and rising economic risks in 2026. The Fed's easing cycle and resilient earnings remain constructive, but narrow market leadership and elevated AI-linked mega-cap valuations create vulnerability to sentiment reversals. The structural AI shift is transitioning from proof-of-concept to demonstrable returns, with early monetization visible in advertising, cloud computing, and semiconductors. The strategy emphasizes companies with competitive advantages and strong cash flow generation, using volatility to rebalance toward under-appreciated growth drivers while maintaining strict valuation discipline in an increasingly late-cycle environment.
Mar Vista's U.S. Quality Premier strategy focuses on high-quality businesses with enduring competitive advantages, strong balance sheets, and high returns on incremental capital, positioned to benefit from the AI transition while maintaining valuation discipline.
The path for markets in 2026 rests on a delicate balance between supportive fundamentals and rising economic risks. The Fed's easing cycle and resilient corporate earnings are still constructive, but the market's narrow leadership and elevated valuations leave equities vulnerable to sentiment reversals. The manager believes fundamentals must increasingly take center stage as 2026 equity returns are likely to be more influenced by earnings and cash-flow growth rather than higher multiples.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 13 2026 | 2025 Q4 | AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology |
GOOG JNJ DHR ORCL MSFT LIN TSM NFLX EFX ROP GOOG MTD AAPL ORCL META MSFT TSM NFLX EFX ROP |
The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and… |
| Oct 7 2025 | 2025 Q3 | AAPL, ADBE, GOOG, INTU, MCO, NVDA, SAP | Artificial Intelligence, diversification, Growth Stocks, technology, valuation | - | The fund emphasizes owning a concentrated portfolio of exceptional U.S. businesses with durable competitive advantages. High returns on capital, pricing power, and disciplined management underpin… |
| Jun 30 2025 | 2025 Q2 | AAPL, AVGO, JNJ, META, MSFT, MTD | Balance Sheets, Compounding, Discipline, moats, Quality |
AVGO MSFT META AAPL MTD JNJ GE |
The letter emphasizes owning a concentrated portfolio of high-quality U.S. businesses with durable competitive advantages, strong balance sheets, and long reinvestment runways. Management argues that… |
| Mar 31 2025 | 2025 Q1 | AAPL, AVGO, GOOG, JNJ, NVDA, PEP, TDG, V | - | - | - |
| Feb 24 2025 | 2024 Q4 | AMT, AMZN, AVGO, CRM, DIS, EFX | - | - | - |
| Sep 30 2024 | 2024 Q3 | AAPL, AMT, GOOG, LIN, MCHP, MSFT, NKE, ORCL, V | - | - | - |
| Jun 30 2024 | 2024 Q2 | AAPL, AVGO, CRM, DIS, GOOG, META, MSFT, NKE, NVDA | - | - | - |
| Mar 31 2024 | 2024 Q1 | AAPL, ADBE, DHR, DIS, HON, MSFT, NKE, TDG | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CloudAmazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics. |
Infrastructure Logistics Automation Efficiency Coordination | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
StreamingNetflix represents the fund's exposure to global streaming entertainment, despite near-term headwinds from subscriber growth concerns and content spending. The fund continues to view Netflix as the dominant global streaming platform with durable competitive advantages through its content library, technology infrastructure, and growing advertising business. |
Content Global Advertising Platform Entertainment | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
DiversificationThe Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. |
Risk Management Portfolio Construction Concentration | |
Growth |
||
ValuationAI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. |
Premium Divide Discipline Stretched Reasonable | |
| 2025 Q2 |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2025 | Fund Letters | Silas Myers | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Digital, Engagement, monetization, Platforms | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | MTD | Mettler-Toledo International Inc. | Life Sciences Tools & Services | Life Sciences Tools & Services | Bull | New York Stock Exchange | Automation, Instrumentation, Labs, Nearshoring, Pricing, tariffs | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI, China, Ecosystem, services, Smartphones, Subscriptions | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | AAPL | Apple Inc. | Technology Hardware, Storage & Peripherals | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | China, Devices, Ecosystem, iPhone, Margins, services | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | MTD | Mettler-Toledo International Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | cashflow, China, instruments, Laboratory, Pricing, Regulation | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | ORCL | Oracle Corp. | Systems Software | Systems Software | Bull | New York Stock Exchange | AI, cloud, Contracts, Databases, hyperscale, infrastructure | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | healthcare, litigation, pharmaceuticals, Regulatory risk, Talc | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | META | Meta Platforms Inc. | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, Engagement, Pricing, Recommendations | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Engines, market share, recurring revenue | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | MSFT | Microsoft Corp. | Systems Software | Systems Software | Bull | NASDAQ | AI, Azure, CapEx, cloud, Copilot, enterprise | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, backlog, cloud, leverage | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | TSM | Taiwan Semiconductor Manufacturing Co., Ltd. | Semiconductors | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, Nodes, ROIC, semiconductors | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Defensiveness, Generics, Medtech, pharma, pipeline | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | NFLX | Netflix Inc. | Movies & Entertainment | Movies & Entertainment | Bull | NASDAQ | advertising, Ip, scale, sports, Streaming, Subscriptions | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | DHR | Danaher Corp. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | Acquisitions, Bioprocessing, Cyclicality, diagnostics, leverage | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | EFX | Equifax Inc. | Professional Services | Research & Consulting Services | Bear | New York Stock Exchange | Bureaus, Credit, Distribution, Housing, Mortgage, uncertainty | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | ORCL | Oracle Corp. | Information Technology | Application Software | Bear | New York Stock Exchange | AI, CapEx, Concentration, infrastructure, ROIC | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | ROP | Roper Technologies Inc. | Application Software | Application Software | Bear | New York Stock Exchange | Acquisitions, Moat, Organic, Saturation, Software, valuation | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | MSFT | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, Azure, CapEx, Copilot, enterprise | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | LIN | Linde plc | Materials | Industrial Gases | Bull | New York Stock Exchange | backlog, Cycle, electronics, Hydrogen, Industrialgases | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, Moat, semiconductors | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | NFLX | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, Content, scale, sports, Streaming | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | EFX | Equifax Inc. | Industrials | Research & Consulting Services | Neutral | New York Stock Exchange | Creditscores, disruption, Distribution, Housing, Mortgage | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, ASICs, cashflow, hyperscalers, Margins, semiconductors | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | ROP | Roper Technologies, Inc. | Information Technology | Application Software | Neutral | NASDAQ | Organicgrowth, Reinvestment, SaaS, Saturation, valuation | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, enterprise, Freecashflow, Moat, Subscription | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | GOOG | Alphabet Inc. | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, leverage, Margins, Search | Login |
| TICKER | COMMENTARY |
|---|---|
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| AMT | 3Q beat and raise was overshadowed by DISH (not held) claiming it should be excused from future lease payments and pressure to organic billing growth. REITs also faced pressure as long-term interest rates remained stubbornly high. |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| APH | We trimmed Amphenol Corp. |
| AVGO | The primary contributors to its performance were our exposures to Broadcom |
| BRK-B | Our annual pilgrimage to Omaha was running according to plan until, as we headed to the airport while listening to the final moments of the annual shareholder's meeting, Buffett dropped the bombshell: he would step down as CEO at year-end. We believe the most important aspect of Berkshire—its culture—is likely to endure. Abel inherits Berkshire's massive $382 billion cash position and will likely allocate more capital than Warren and Charlie did over much of their investing careers. |
| EFX | We divested our position in Equifax during the quarter following a strategic shift by FICO, a leading provider of credit scores to the mortgage industry. FICO announced plans to sell its credit scores directly to mortgage underwriters, bypassing the credit bureaus and thereby pressuring the economics that EFX has historically captured in the credit-scoring value chain. |
| GOOG | From the moment OpenAI hit the scene with ChatGPT 3.5 in the Fall of 2022, Google was a perceived loser and thousands of pontificators warned about the end of search. Fast forward three years and this was Google Search's fastest quarter of revenue growth since Q1 2022, when the reopening and pandemic were still considerable drivers of results. In parallel with the Search re-acceleration, Google has also emerged as a leader in AI itself. This combination has been potent for Google's stock and could not have opened on Search alone, given the terminal value fears. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| MTD | Mettler-Toledo's stock rebounded in the fourth quarter reflecting the company's ability to successfully navigate substantial tariff and research budget pressures while maintaining strong growth and margin expansion in key segments. We believe Mettler should be well positioned to capitalize on global trends in automation, digitalization, and nearshoring which should drive mid-single digit revenue and low teens EPS growth through 2030. |
| NFLX | NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| ROP | After a decade-long partnership with Roper Technologies, we have made a strategic decision to exit our position. Our decision to sell was based on three factors. Firstly, Roper's organic growth rates have begun to lag its pure-play software peers. Secondly, we believe many of these businesses are approaching market saturation, which limits their future growth prospects. Lastly, the valuation no longer provides an attractive margin of safety given the first two challenges. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||